Nigeria: CBN Debunks Naira Scarcity, Says Working To Ensure Seamless Cash Circulation

The Central Bank of Nigeria has debunked rumours of naira scarcity in the country, amid reports that there is no sufficient cash circulation in some commercial banks nationwide.

CBN in a statement on Thursday by its spokesman, Isa AbdulMumin, blamed some customers for panic withdrawal using the Automated Teller Machines (ATMs).

AbdulMumin, assured that the apex bank was working to ensure the seamless circulation of cash nationwide.

“The branches of the CBN across the country are also working to ensure the seamless circulation of cash in their respective states of operation.”

The apex bank also urged Nigerians to “guard against panic withdrawals,” assuring that “there is sufficient stock to facilitate economic activities.”

CBN also advised the citizens to embrace alternative modes of payment, which it noted would reduce pressure on using physical cash.